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Everything posted by TSLexi
Hi guys! I plan on beginning trading ES futures for a living in a few months. I have $20,000, and my partner has a steady income that covers both of our living expenses. My plan is to take part in Cody Hind's Samurai Trading Academy training program, and here are some risk management rules I've developed for myself: 1. Only risk 1% of my account on a single trade Currently that would be $200. Therefore, I will be trading four contracts with stop-loss orders set 4 ticks opposite my entry point. 2. My plan is to make at least 10-15 points per week, so I will be having my protective stops be part of OCO orders where the other order is a LIT order 2 points in the profitable direction from my entry point. 4. Every day I will withdraw half of any profits into my bank account to lock in that day's profits. 5. I will endeavor to get professional trader status with the IRS for the tax advantages. 6. I will keep a trading journal. So, any other advice for me? Thanks!
I have a risk management system: 1. Only risk 1% of my account ($200 combined on four contracts) on a single trade. 2. After entering a long position (reverse this for short positions), place an OCO order consisting of: 1. A sell stop order placed one point below the entry price, and 2. A sell limit if-touched order placed two points above the entry price. 3. Only enter a long position if the Heikin-Ashi chart, confirmed by the MFI, shows an uptrend, and vice versa for a short position. Risk management is the name of the game.